On 31st march if goods are manufactured but not yet despatched.
for that excise duty should be payable or not
14 Replies
DAYANANDA K N
(ACCOUNTS EXCECUTIVE)
(575 Points)
Replied 09 August 2012
Excisd duty liablity is fixed once goods manufacured. But duty is payable only when dispatched from factory.
Regards
Dayananda
ramakrishna
(AM - Finance)
(115 Points)
Replied 09 August 2012
Excise duty payable only after goods are despatched from the factory.
Kashish Rani Ca Student
(Executive)
(124 Points)
Replied 09 August 2012
excise duty payable when goods are dispatched from the factory
RAVI PARASHAR
(ACCOUNTS MANAGER)
(41 Points)
Replied 10 August 2012
DATE OF REMOVALE WILL BE CONISDER FOR DUTY PAYMENT.........
Sushma
(Accountant)
(36 Points)
Replied 10 August 2012
when goods are still in premises not despatched , why should not pay excise.
thanks
GAURAV DEOL
(ACCOUNTS EXE)
(21 Points)
Replied 11 August 2012
Duty shall be payable at the time of removal of goods from factory gate
CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 11 August 2012
YES, MANUFACTURE IS THE TAXABLE EVENTS
BUT EXCISE DUTY IS PAID WHEN GOODS IS DESPATCH FROM FACTORY..
Mohit Chadha
(CA)
(37 Points)
Replied 11 August 2012
duty is payable after the goods leave the factory gate
nikhil shah
(shahbhai)
(63 Points)
Replied 12 August 2012
manufacturing activity is liable under central excise act but actual liability to pay excise duty has been occured when manufactured goods has been removed from the factory . in some cases it is exemp to pay excise duty when the buyer submit some declaration forms
Santhosh S
(Articled Assisant)
(21 Points)
Replied 13 August 2012
Though the taxable event is manufacture as per charging sec.3 of CE act, 1944, the liability to pay arises only at the time of removal. This is confirmed by the apex court in the case of Vazir Sultan Tobacco Co. [1996 (83) ELT 3] & Wallace Flour Mills Co. Ltd. vs. CCE 11989 (44) ELT 599.
Since the taxable event is manufacture, as an accountant you should ensure that provision for excise duty is made in the books. This view is expressed by ICAIs guidance note on provisioning for excise duty.
CA Saiyum khan
(Practicing CA)
(690 Points)
Replied 14 August 2012
Excise duty is accrude on manufacture but not due. Hence payment is at the time of removal of goods but the duty amount has to be computed and added while valuing the closing stock.
nikhil shah
(shahbhai)
(63 Points)
Replied 15 August 2012
i agreee with the answer given by Mr.saiyum khan pahan
Murthy B.C
(Excise Officer)
(141 Points)
Replied 18 August 2012
On 31st march if goods are manufactured but not yet despatched.
for that excise duty should be payable or not
This goods shows in Manufactureing colum, it means closing stock as on 31 st March as ur books
DAYANANDA K N
(ACCOUNTS EXCECUTIVE)
(575 Points)
Replied 18 August 2012
Excise duty payable only on clearnce though liabiltiy is fixed once goods are manufacured. Hence you need to pay duty on stocks you have as on 31st Mar 2012.
Regards
Dayananda
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